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The business activity in the US services sector expanded at a record-fast pace in March with the ISM Services PMI rising to an all-time high of 63.7 from 55.3 in February. This reading beat the market expectation of 58.5 by a wide margin as well.

Further details of the publication revealed that the Business Activity Index improved to 69.4 from 55.5 and  the Employment Index rose to 57.2 from 52.7, the strongest level since May 2019. Finally, the Prices Paid Index touched its highest point since July 2008 at 74.

Market reaction

The USD continues to weaken against its rivals after this report. As of writing, the US Dollar Index was trading at its lowest level in 10 days at 92.64, losing 0.4% on a daily basis.